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Bank Drafts

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  • 25-02-2009 1:08pm
    #1
    RubyXI
    Registered Users Posts: 1,596 ✭✭✭


    Can i get a Bank draft from a bank of ireland if i do not have an account with them. I have an aib account.
    Is there a charge for bank drafts?


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    #2
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    I'm pretty sure that you can, you're going to give them the figure of the draft + charges, so I don't see why not.

    Is there no other way you can do your transaction, drafts can be expensive?


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    #3
    RubyXI
    Registered Users Posts: 1,596 ✭✭✭RubyXI


    I have to send a bank draft or a postal order for €650. I have heard that there is a charge of €4 for every €50 to get a postal order and that would cost me over €50. I don't know what the charges for bank drafts are.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    phi3 wrote: »
    I have to send a bank draft or a postal order for €650. I have heard that there is a charge of €4 for every €50 to get a postal order and that would cost me over €50. I don't know what the charges for bank drafts are.

    As far as I was aware the charge for a postal order is €2.60. I could be wrong. The charge for a bank draft with BOI is €2.20 for domestic Euro and from €3.80 (some foreign Euro drafts cost more) for Foreign drafts.
    kaiser sauze wrote: »
    I'm pretty sure that you can, you're going to give them the figure of the draft + charges, so I don't see why not.

    Is there no other way you can do your transaction, drafts can be expensive?

    BOI will only issue a draft to someone who holds an account with them. Technically they can issue a draft for cash so long as it is under €500, but that is up to the branch's discretion, and the majority won't do it.

    If you have an account with AIB why don't you get a draft from them?


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    #5
    RubyXI
    Registered Users Posts: 1,596 ✭✭✭RubyXI


    There's no aib branch close to me during my lunch break. There is a post office and a bank of ireland


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    #6
    none
    Registered Users Posts: 569 ✭✭✭none


    Hi,
    I also need buying one of them and wonder what are the charges? Say, to cover EUR 1000, would it be cheaper to get a postal order or bank draft? And is there any difference in what major banks charge for a draft or is it a fixed price?
    Cheers :)


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    #7
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    The price is fixed for a domestic draft i.e. a draft for use within Ireland.

    I don't know what the price for a domestic draft is for each of the banks, you will have to look that one up yourself :)

    Toots explained the fixed price and quoted a price if you want to read over that post.


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    #8
    RubyXI
    Registered Users Posts: 1,596 ✭✭✭RubyXI


    Well i'm going to head to the post office at lunch time and hope for the best. Hopefully they will only charge a few euro. I have to do it today because need to post it and they have to receive it by the 1st March.


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    #9
    RubyXI
    Registered Users Posts: 1,596 ✭✭✭RubyXI


    Ok, got my postal order for €650. Extra charge of €3.70
    Found this.

    Postal Money Order

    0.60 to €15.00 Fee €0.80
    €15.01 to €30.00 Fee €2.10
    €30.01 to €130.00 Fee €2.90
    €130.01 to €650.00 Fee €3.70


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    #10
    none
    Registered Users Posts: 569 ✭✭✭none


    IsThatSo? wrote: »
    The price is fixed for a domestic draft i.e. a draft for use within Ireland.

    I don't know what the price for a domestic draft is for each of the banks, you will have to look that one up yourself :)

    Toots explained the fixed price and quoted a price if you want to read over that post.

    Well, I did read all I could find ;) It didn't answer my question though. For example, the price for postal orders quoted by Toots is slightly incorrect. Moreover, I'm not sure what is the surcharge for amounts over E650 as even An Post site stops at it (http://www.anpost.ie/AnPost/GeneralTemplates/ProductsAndServices.aspx?NRMODE=Published&NRNODEGUID=%7bFF495B49-C556-42B8-B2CF-C5D45CC58777%7d&NRORIGINALURL=%2fAnPost%2fMainContent%2fPersonal%2bCustomers%2fMoney%2bMatters%2fMoney%2bTransfer%2fmoney_transfer%2ehtm&NRCACHEHINT=Guest#HowMuch
    ). Do they offer this service for more than E650?
    With regard to bank drafts, none of the sites I checked (AIB, BoI, Ulster) has any info on the fees :confused:


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    #11
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Toots85 wrote: »
    As far as I was aware the charge for a postal order is €2.60. I could be wrong.
    none wrote: »
    Hi,
    Well, I did read all I could find It didn't answer my question though. For example, the price for postal orders quoted by Toots is slightly incorrect. Moreover, I'm not sure what is the surcharge for amounts over E650 as even An Post site stops at it (http://www.anpost.ie/AnPost/GeneralT...=Guest#HowMuch
    ). Do they offer this service for more than E650?
    With regard to bank drafts, none of the sites I checked (AIB, BoI, Ulster) has any info on the fees

    I'm not sure if you can actually get a postal order for over €650. If you are looking for a bank draft for €1000 (providing it's domestic euro) the BOI charge is €2.20, this is a flat rate, doesn't matter if it's €1000 or €1,000,000. As far as I'm aware, the major banks operate a flat rate. I'm staff in BOI so I know their prices for definite, however the information I have regarding the other major banks is purely going on what my customers have told me, but I gather that their fees are the same as ours, give or take about 20c.

    If you need a draft for €1000, you will have to use the bank that your account is with ie: if your account is with AIB, you won't be able to get this draft from BOI. Generally banks will not accept large sums of cash for drafts (in this isntance €1000 is considered a large sum) this because for anti-money laundering purposes, a draft should be traceable. I know with BOI they will definitely not issue you a draft for this amount if you are paying in cash.

    Best bet is to call the branch you intend to purchase the draft from and check with them.


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    #12
    none
    Registered Users Posts: 569 ✭✭✭none


    Cheers, Toots :) I'm actually with AIB and I think their rate is a bit more competitive as they offered me a bank draft for just €1.90 ;) Pretty cool, I have to admit. I was always using postal orders for such purposes but I guess I'm sticking with bank drafts from now on :p BTW, I also wanted to check the feasibility and charges for postal orders but the queue in an An Post
    office was way too long :cool:


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